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tv   Risk and Reward With Deidre Bolton  FOX Business  September 24, 2015 5:00pm-6:01pm EDT

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there's a parade in midtown manhattan, much more craziness than what you see there. even though it's packed in manhattan right now, it's very orderly. >> evening prayers at 6:45 p.m. tonight and tomorrow the u.n., the park will be all over the place. >> that does it for us. risk and reward starts now. >> federal reserve chairman janet yellen about to speak. you are looking at the podium on inflation at the university of massachusetts. we would take you now to fox business peter barnes. he is with me with the latest. >> that is right. a copy of the speech right now. gina yellen sticking to a likely increase later this year but says any surprises in the economy could change the timing. she expects the economy to continue to be strong and support maximum employment that anchor expectations for higher inflation down the road.
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most that participated including myself currently anticipate achieving these conditions will likely entail an initial increase in the federal funds later this year followed by a gradual tightening thereafter. if the economy surprises up, judgments about appropriate monetary policy will change. what she's doing here is addressing the's credibility and statements that it will be data dependent in hiking rates. surprises in the economy to the upside could push a sooner into the downside make your way. >> peter barnes joining me from fox business. we are also waiting for the pope to land in new york city and the chinese president will arrive in washington d.c. we are following itineraries and will keep you updated. in the meantime, reactions to
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janet yellen comments. stock down five of the last six sessions. gary is here come a fox business contributor. burrell used as the ceo of american capital asset advisors. both with me now. thank you for your time. as far as we can tell, ms. yellen feigned interest rate increases like late later this year and of course gary, if nothing else changes. does this mean the markets tantrum is over? >> look, the only reason she is talking rate hikes right now is because 0% markets went down. she can talk all she wants. i think she's following markets at this point in time and i find it amazing they are thinking about raising rates on the bear market and around the globe. the economic statisticare heading south.
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this whole data dependent they. there is no rate hike this year. >> there is no rate hike no matter what she released that would've just told you about. secondarily she seems to be following the market more than leading. >> there is a distortion of opinion within the fed. there is an expectation that ranges from 25 basis point so it tells you internally they are trying to get a handle on what their thoughts are. and they are trying to incorporate at the margin actions both in decisions and gnp numbers. i don't think looking at the numbers and the kind of data that would drive this decision is a bad decision.
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that make perfect sense. our sense is the economy is going to come a 2.5% and is accelerating gently at the margin and waiting for inflation. we think the setup for the market is probably fairly decent. >> fairly decent, just reading through this pre-release of her comment. inflation will return to 2% in the next few years and of course she addresses to all men date, targeting of inflation and slack remaining in the labor market. why do you think you will not happen until next year? >> because look at the evidence of the last few months. it's like the girl who cried wolf. the key. we are ready to do it. for them to tell us they are ready to do it with a nine to one vote i am just not believing it. they are trying to pave markets because i tightening they get credibility. they should've been tightening in 2013, 2014 and at this point
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in time they are way too late as they are tightening into a major slowdown of the economy. i find it all amazing at this point in time. >> thank you. glad to have you both here. from janet yellen and the folks of world leaders, waiting for china's president xi jinping and his arrival in d.c. meeting this evening with president obama. steve forbes, chairman and editor-in-chief of "forbes" magazine is with me now. thank you for your time as a business person. there's a lot to choose from this week. which are most important for you as a member of the leading is this community? >> i think what the federal reserve will do, they botched in september. perversely what they've done in recent years has hurt the economy, or enough to consumers. disproportionately large companies. the more they get a real market for credit, credit can flow to where the opportunities are.
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the federal deserve to live, the moral hurt the economy. >> reading between the lines sounds like you are saying some people, some investors are taking already more risk than they should be. >> well, partially because the of the markets. if you have a functioning credit market, you would see more credit going to small and new businesses that create most of the new jobs. do you have a credit market where you don't know what the real pace of borrowing or lending is. also regulatory structure is very anti-blending. flipping through real burgers whenever they make a loan. so they've got to pull back on regulations. they have to let credit markets work and then you'll see the economy gets them real speed. >> we're watching right now video that you may or may not be able to see. a live feed seems that the pope's plane is close to landing in new york city.
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i don't know if you heard the historic address to the joint congress earlier, but it seems like the pope said enough things to annoy -- of course i'm taking a dark and twisted view, the right side of the aisle and equally the last. what was your read on his comments? >> fact that he didn't go as far left as some would've thought he would or feared he would is a good thing. one of the things i hope he immerses himself then in the years ahead is learning how free markets actually help end poverty. they reduce barriers between people working together. they allow people to be more creative, have more opportunity to develop god-given talents. that is where we hope for growth in this pope is concerned for the poor is genuine and that is why he's got the popularity he does today. people feel he is the real deal. >> we thank you so much.
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as always, great to have your perspective. steve forbes joining me there. chairman and editor in chief of "forbes" magazine. you are now looking at the airplane landing here. jfk international airport. he is going to be arriving in new york city. he addressed a joint session of congress earlier. >> the challenges facing us today call for a renewal of that speed of cooperation. >> congressmen key is with me now that pennsylvania. he was in the joint session. congressman, you are a devout catholic. what do jamaica the pope's comments? >> is a very historic day for us in congress. the first pope in history to address congress. but all that back to st. peter and to be there when he walked into the chamber, the mood, the
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atmosphere was electric. his speech covered and i lost track of how many topics with a very broad agenda he wanted to talk about. >> we are seeing shots here live at jfk. the pope is arriving here in new york. i mentioned you are a devout catholic, congressmen, but also a career politician. he lost track of the different subjects he was covering. why did you make of this town and how we addressed some of which are contentious subjects. >> the way he phrased things was the beginning of a very good dialogue we are going to have. to set the record straight i've been in two and half years. i heard some things in the speech relevant to the private sector. he said business is a noble vocation towards producing wells and improving the world, especially geared towards the common good and creation of
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jobs. also the context of alleviating poverty, the importance that the distribution of wealth. these were very interesting things to hear among the many things he was talking about. >> as you were walking out of the session and discussion with colleagues, what was the feedback you heard? >> this is the beginning of a dialogue. the pope phrases and terms of what is politics, the politics, the chief aim of politics should be pursued at the common good and from that angle we can start to look at any number of policies they have to be dealing with interbrand of the golden rule. do unto others as you would have them do unto you. some of the policy debates today and they need to protect life at every stage was a very broad speech that he had so many topics. >> thank you for a time, congressman. good advice in business and life. do unto others as you would have do unto you.
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keith rath bass of coors in pennsylvania. you were just looking at videos there. the pope's plane landing at jfk is going to be taking a short helicopter ride in manhattan. he will be hosting hosting a mass this evening at st. patrick's cathedral. a lot to cover for you from the pope to the fed to china. chinese president awaited his arrival in washington d.c. in the meantime, joe link and with me now. so far, how has the business band? we talked about boeing, microsoft. >> a lot of other moving parts. >> a big focus has been on cybersecurity which the white house confirmed today will be on top of the agenda when president obama has a working dinner tonight with president xi jinping and secretary of state john kerry. oftentimes the dinners that have been and are very much away from the word that gets done would
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have been a couple years ago when president obama and xi jinping met in california and again in neighboring china not to ago as well. looking ahead, the tone has been led by ceo dibella, mark zuckerberg a facebook and mark basis of a masson. how can companies do business in china without these obstacles and the growth of the economy. xi jinping in seattle several times said not to worry that he believes the chinese can maintain a high rate of growth and he will work to eliminate obstacles. the issue here all about cybersecurity whether or not the white house will take the opportunity to speak more aggressively on the issue. they have not officially named the chinese that is a fact that millions of federal workers but they also are planning to lift
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the sanctions against certain chinese companies and individuals that they haven't specified yet. we expect to get more news but we will be watching the joint press conference closely tomorrow. >> we will be speaking to you then. in the meantime, jo ling kent joining us they are on the chinese president xi jinping and his visit. president obama's dinner being called as he just heard jo ling kent say the most important meeting in decades. fox news national security analyst katie mcfarland as they are. so glad to have you with us. you heard jo ling kent's comments about how cybersecurity is front and center. if there's one thing decided before the joint statement, before the dinner, is not the most important part in your mind? >> yeah, sure. the chinese are robbing us blind. just this week they talk about a
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new stealth fighter they have come at the jay 31. it is exactly like one of firefighters. we spend hundreds of millions of dollars to develop that. they saw that technology with the click of a mouse. they are due in a couple of things he is stealing information, but the research and development and gathering a lot of information about americans. hundreds of thousands of americans, millions of americans. whether they use all the information for? are they trying to blackmail security clearances and finally aggressive in the south china sea which is one of the major transit areas. one of the major sea lanes of communication. they want to claim that. >> stay with me there. i want to go back because we do have the live feed of the pope arriving. you can see if they are. the plane actually did touch
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down at jfk international airport. he will be getting non-or getting off that plane rather than helicopter that presumably you are looking at right now. he'll take a helicopter to celebrating dad at st. patrick's cathedral in a few hours. i want to get back to something you said about cybersecurity about the fact you believe as research shows and sources say china isn't on the board as far as dealing data from industry or government. we did hear a chinese officials say 18 hours ago, the u.s. and china is in the same boat. we are all being hacked. the implication is the u.s. is doing us a dull point fingers at us. >> i was in china about a year ago when i met with some senior chinese leaders and i made the same point. i said you were a stealing stuff from us, packing into our
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computers. he made the same argument back. we are threatened by hacking but it's not true. we are the ones who are the innovators, creators of new technology they are not doing it. any argument that you are doing the same to us, so there for what the problem. that is a false argument of false analogy. >> love having you with us. clarity, clarity, clarity. you are now at a live shot at jfk. you just saw it there and of course that is the plane carrying the pope as we have mentioned it has touched down in new york at jfk and we are also now from air china monitoring
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the president of china are rising. he is going to be in washington d.c. having dinner with president obama later this evening, also issuing a joint statement. we will be listening and for that. just to clarify you have the chinese president arriving in d.c. you also have the pope landing in new york. we will be back in a minute. ♪jake reese, "day to feel alive"♪ ♪jake reese, "day to feel alive"♪
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>> the pope just arrived at jfk just a few moments ago. you can see the airplane they are from that airplane to a helicopter. he is going to be sane and evening prayer this evening at
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6:45 at st. patrick's cathedral in manhattan. he is doing that in about an hours time. remember earlier today in an historic address he addressed a joint congress earlier in d.c., now arriving here in new york city. but that in mind they bring in our god squad, joining us father dominic lake and rabbi shmuela. other patrick, starting with you, did you agree with the pope's comments on business? >> the pope said business is a noble profession and that creates opportunity. i'm so glad he said that because he also said this is an important point to remember about our holy father that is not simply critical of unbridled capitalism, but he wants to support business and a path to god for businessmen. >> rabbi, was that your take as well?
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>> in today's speech, yes. never to glorify poverty, on the contrary responsibilities to lift everybody out of poverty so raven has needs to support families dignity. jesus, his ministry directed towards the poor. he was to ensure people had the economic sustenance by which to live with dignity. i respect my catholic brothers and sisters tremendously. i am not a catholic. i am jewish. i'm surprised because the pope has not said a single word about the mass slaughter of christians throughout the middle east. i understand global warming is debated in this country and i understand position on it. the near genocide of christians throughout the middle east is a much more urgent problems. he's the most important, but also the world's most famous creation and christians are killed all over the middle east. the fact not part of the message to a country deeply embedded in
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the war in middle east is striking. >> hold those thouts becse we are watching right now as you may be as well from your screen. the pope who is in fact embarking mayor from the airport that brought him to jfk. you can hear the cheers in the background. you see him there. he will be walking if he doesn't address the crowd in some way first. he will be going right to a helicopter. as we told you, he will be sane and evening prayers at st. patrick's cathedral here in. that is scheduled at 6:45. as far as scheduling goes, he's right on time, which you can see with him of course people have accompanied him on this trip, the historic visit to the u.s. we have been talking about this mix of the message of the catholic church, what it means as far as global warming goes,
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attitudes, business, attitudes towards immigration. you heard earlier one of my guests say we've covered a lot of ground earlier today and in some way a message for almost everyone willing to listen. he asked everyone, believer or nonbeliever to pray for him and to work towards peace. there he is right now. pope francis as you can see making his way at jfk has been mentioned taking a short helicopter trip, probably 10 or 15 minutes into manhattan. he will be doing an evening prayer service. st. patrick's cathedral, midtown manhattan. some are as you may know he is giving a massive madison square garden to more than 30,000 people in attendance there. he is also the first pope on u.s. soil to be visiting spanish
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harlem, part of tomorrow's agenda as well. for the moment you can see his team raided warmly here at jfk international airport still on the tarmac. hopefully the next few minutes able to make his way to the helicopter which will then bring him to manhattan. we are back with the god squad. father leg, i did not get a chance to ask you what you made at the pope's comments this morning covering a wide range of subjects. i feel in many ways the pope, whether it's a task, whether it is a challenge as part of almost every branding of the catholic church. >> i think that is right. he is trying to communicate the traditional catholic teaching. it's in line with what pope benedict and pope john paul ii has said. he is doing it in a way with a new overture. it's to present the catholic faith the catholic faith and
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light that many americans may not of her day, in a way that allows it to be a little more attractive perhaps. certainly the way he presented it in the personal warmth he has has touched a lot of people. that's made his remarks very powerful. the only thing i would add is the spiritual dimension to what he said a congress that's not normal. that was a very important part of what he said today. >> in the sense whether you are a believer or nonbeliever he has the humility to ask people to pray for him. >> absolutely. the way he spoke to members of congress about being a lawmaker as a vocation. it is directed to a transcendent good. he is actually talking about the fact that lawmakers are supposed to be at and for the good of the people and the good of the people has the reference to god. that is not a normal message in the halls of congress, but it is something the pope thinks is an
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important dimension is speaking about our country and the way the law should be framed. >> as far as the way the laws are, i will bring you back on this and heard what you said about concerns that in your view, some comments were missing with what is happening in the middle east. we talked a little bit about the attitudes towards business. what do you think about what we talk with impact investing. did you hear anything that resonated on that front? >> business as the pope said could be a noble calling if he raises them above poverty. i am concerned when we try to sanctify existence of poverty as if poverty is not something eradicated, the something treated with love on the contrary. nobody wants to be poor. every person can sustain themselves and dignity. even though it may pay her bills that robs us of our dignity.
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the pope spoke about immigration. the issue in the united states we all know what the problem is. the dictator, murderer, bush or her name to push our homicide -- we need pope francis condemning his butchering of water, simply saying we should open borders because we have to make sure they don't suffer. we have to go to the root of the problem. religion must condemn evil. religion cannot just extol togetherness. religion has to identify the bad guys and say these people are the enemies of god because they want to slaughter his children. troy and 11 -- bashar al assad is the greatest murderer today. millions displaced out of their homes, having to choose between being killed if being killed and flew with nothing on their backs. i am jewish and i know it like
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for people to face hitler to be welcomed into the united states. migrants coming into our country. let's get to the rue coulter. why are we fighting and wise and the pope calling towards him. >> we did speak about her rather against humans committing violence against each other, but was not specific about any spots on the globe that we are all paying attention to as we speak . deirdre: just to recap, you do see the pope, you can barely see him, you see his head making his way to the helicopter, landing safely about ten minutes ago at jfk international airport. he is make his way to a helicopter where he will be flown to manhattan, an evening prayer service at 6:45 at st. patrick's cathedral, he is obviously going to be leading that event. you're seeing on the right side of your screen, that is a shot
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of st. patrick's cathedral and, of course, people waiting for his arrival there. so that is what is happening right now as far as the pope going, you can see people take pictures. he is a lot more open, many say, than some of the popes in the past. he is known to pose willingly with supporters, he is known to take selfies sometimes with the youth, so you can see him there smiling and shake hands and making his way to that helicopter. father leg, i'd like to bring you back in on this and a little of the seam of how this pope is beginning to perhaps reach people who are catholic who father petrie, i'm sorry, left the catholic church or not as diligent as they once were and reaching out and doing the rebrand and saying we actually care about you. we see him make overtures to people in the past may have felt ignored by the church?
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>> i think the holy father is doing exactly that, deirdre. he's doing what christ would want to be done, that is to say he's spreading his arms wide and ready to receive all who are weak, all who are sinful. which to be honest is frankly all of us. we all have sins, we all have limitations, we all have our failures in life, and he wants the church to go, he always says to the peripheries to be the field hospital in the battle of life, in the battle of sin, to heal up the wounds of those who have fallen, those who have been hurt and have had hard times and difficult times, and i think because of his inate personality, he's a friendly man. that's his personal characteristic. and so people are ready to hear that from them. that's what the church has always believed. there are times when that's not come across? perhaps. this holy father is a kind, gentle soul and wants people to come and see the lord, to
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experience the lord's refreshments. deirdre: i thank you all for your time and inputs, father leg, father petrie, rabbi shmuley, thank you very much. he safely landed, obviously, and is now in the helicopter, heading to manhattan as we have said, schedulingwise, 6:45 is his next official event. he is going to be leading a prayer service at st. patrick's cathedral in manhattan on fifth avenue. in the meantime, we are also seeing the vice president of the united states, joe biden. you'll see that on the screens in a little bit, meeting the vice president or the president of china, xi jinping, that is happening in washington, d.c. as you know, there will be a dinner between president obama and the chinese president. they are going to be meeting first, they will also be issuing a joint statement. with me now is gordon chang, an expert on china, and gordon,
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glad to have you here with me on this day, we have been talking a lot about this issue of cybersecurity, and there are a lot of sources saying that the u.s. was going to impose sanctions on china, but they are waiting for this night, for this one last meeting, between president xi jinping and president obama hopefully to find a middle ground. what are the chances it happens? >> very little. we've been talking with the chinese now for years and years and years, and there really has been no forward progress because the chinese know that if they sort of hold out a little hope, we will, again, start a new round of dialogue while they continue to take intellectual property. deirdre: you're saying words mean nothing, it's actions or nothing. >> and the blair huntsman commission says the value of property the u.s. loses each year amounts to the exports of asia. that's over 400 billion dollars. while we talk, we are losing
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valuable property to the chinese and to others. so we need to start imposing costs on beijing because if we don't do that, they'll continue to talk. deirdre: we had k.t. mcfarland, of course, saying obviously the chinese want to steal from us because we're the ones innovating, and when i asked her, what about the counteraccusation which is that the u.s. does just as much spying on china, she said it's a false argument. do you agree with that? >> well, the u.s. government spies on the chinese government, governments spy on governments, but china does two things that we don't do. one of them is that they spy on u.s. companies to get commercial information, which they hand to their enterprises. deirdre: to k.t.'s point. >> to better compete in global markets and of course spy on the institutions of our free society, media, advocacy groups, ngo's, charities, foundations, all the rest of it. these are things beyond the pale and we haven't been able
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to stop the chinese. deirdre: so speaking of the chinese, there is the president, xi jinping, arriving in washington, d.c. we will see the vice president of the united states, joe biden, on the tarmac there. he is going to meet him in person, and then of course we know there is going to be a private meeting between the chinese president and the u.s. pchlt so gordon, under closed doors or in between closed doors, can more progress actually be made between these two leaders, no matter what is telegraphed? we're that naive? >> it's possible. we've got to change our tactics. what we've been doing obviously hasn't worked over two decades. a lot of people in washington say we need to have the personal relationship between president obama and president xi jinping, that has nothing to do with it because the policies in china of taking intellectual property by cyberand other means are completely embedded
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in the communist party and many of the enterprises as well as the people's liberation army. this is an institutional core policy of china. that's not going to change unless we give them incentive. deirdre: gordon, stay with me, we are, of course, seeing on the right of the screen in washington, d.c. the chinese president as he said, xi jinping, he is shaking hands. you see vice president joe biden, jill biden was with him shaking hands as the chinese president got off the plane landing safely in washington, d.c. on the left in new york city at jfk, you have the pope and the helicopter that you see there. as we know he is going to be taking a short helicopter flight to manhattan. 6:45 this evening. he's going to be leading an evening prayer service at st. patrick's cathedral, midtown manhattan. the official arrival of the chinese president and you have the vice president of the u.s. joe biden walking beside him there.
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so gordon, in your mind, is cybersecurity the most important issue, or as k.t., our colleague mentioned, the idea of building up the islands in the south china sea? because we have heard the official line from china which is we are not militarily that adventurous i think was the translation. >> on september 15th, a chinese plane intercepted an rc 135 air force reconnaissance craft over international water in the yellow sea. crossing the nose, so if they want peace, this is not the way to do that. this is a pattern of aggressive conduct in the air, and you know, we have this annex to an agreement on air-to-air encounters, but the agreements with china don't mean anything because there will be confrontations if beijing wants them to be, obviously they want it to be on the eve of this visit. so basically what beijing is
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signaling to president obama is we don't care about talking to you, we're going to intimidate you, which is what they did on september 15th. deirdre: maybe they're counting on pushback, see what the message is this evening. we have washington, d.c. on the right of your screen there. the chinese president xi jinping having arrived in washington, d.c. standing next to the vice president of the u.s., joe biden. listening right now to the national anthem. and on the left screen in new york city, you see at jfk international airport, a helicopter which is waiting, with the pope inside, to take off. waiting for clearance, i presume, to fly the pope to manhattan, where at 6:45 this evening, he'll be leading an evening prayer service at st. patrick's cathedral in manhattan midtown on fifth avenue. we want to get back to the subject of china as we were discussing with our expert, there gordon chang. you had microsoft, uber, just two tech companies making sure that they have clients in
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china. in fact in the past 24 hours, microsoft is partnering with internet company baydu, uber looking to raise 1.3 billion for china branch. veronica dagher with me now, in addition to microsoft, uber we have insper, a chinese cloud company teaming up with cisco, what is the true cost of these tech deals? and not just talking about dollars. >> right, there's a lot of things to consider with the deals. one of which is that obviously there's some jobs from america, there's tens of thousands of jobs, especially if you look at a sector like the manufacturing sector have been shipped over to china. that's real loss for american workers. that's pain. we'll hear more about that. china is very focused on using robotics in factories. we have the devaluation of the currency a few weeks ago, about a month ago now, before that reason there is all the more reason for companies to do
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business over there. the cost of losing those jobs is very painful for american workers. that said, trade is very important. china's a very important trading partner, we need their business, we benefit from having their business, our companies here get business because of china. they've also had a lot of direct investment in our country. we will continue to see that. so there's a give-and-take when it comes to trade. tech is an important area to look at. deirdre: tech an important area to look at. trade. you also talked about jobs. veronica, there were protesters on the scene in seattle, boeing announcing it will sell 300 planes in china. there were machinists on-site there saying u.s. jobs will go overseas. is that likely or do more orders mean more u.s. based jobs? >> right now boeing is saying no, they're not shipping jobs, they're creating other jobs in china. the fear of the workers down
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the road is some of their jobs will go over there. right now i think they're painting aircraft and finishing the work. there's the fear that down the road the entire assembly of the aircraft could happen there. workers are cheaper to hire there, and so the workers in -- for boeing and the united states are worried about ultimate job security. there's also a concern of the piracy issue. for example, if china, and we've seen this, some trade secrets slipping through the cracks in china, u.s. trade secrets that, is what will happen to our own manufacturing bay, our own technology base if china takes our secrets and we don't do anything about it. there's a concern there. deirdre: veronica dagher, of course, with the "wall street journal." you are watching on the left part of your screen in new york city, the pope is taking off. you're seeing a helicopter there. it is actually the same type of chopper as marine one. you have the pope take off. he is leaving from jfk
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international airport. he's going to be flying to the wall street heliport and then from there, he is going to go via motorcade to st. patrick's cathedral, midtown manhattan at fifth avenue at a heliport, he'll be moving into the popemobile for this final segment. that final leg of the journey, and you're looking right now, as you can see both at helicopter, which as i mentioned is, in fact, the same type of chopper as marine one, but you can see there st. patrick's cathedral, the front door there. he's going to do the last leg of that trip in the popemobile arriving at st. patrick's cathedral in an open vehicle. as we have been filling you in, he's going to be leading a prayer service at st. patrick's this evening at 6:45. so we are just watching in fact, the helicopter, one of two, but both essentially the
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same as marine one, circling at jfk. it should be a pretty short flight, around 10 minutes to the wall street heliport and as we mentioned, going there, uptown via motorcade in a closed car for most of it, and at the last leg in the popemobile arriving there at st. patrick's cathedral on fifth avenue, leading that prayer service at 6:45. so veronica, we're obviously watching the helicopter, where the pope is landing. we've been talking you and i more about china, the implications for business of course, and essentially what these u.s. companies are giving up, so to speak, by assuring or wanting to assure they have clients in china. did you think it not included i west coast tour? >> i thought that was an interesting, something that wasn't included. a huge player, not so much as
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big as they'd like to be in china. deirdre: they left altogether a few years ago after complaints of censorship. >> that's right -- >> veronica, i'm sorry, i'm interrupting you, i apologize, we're watching the pope's helicopter take off from jfk. there we are seeing it just moments ago lifting off. he's going to be landing in 10, 15 minutes' time at the wall street heliport, making his way to st. patrick's cathedral for the 6:45 p.m. eastern time evening prayer service. we are going to take a very quick break. we're back in just two minutes. (patrick 1) what's it like to be the boss of you?
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you can talk to through legalzoom. don't let unanswered legal questions hold you up, because we're here, we're here, and we've got your back. legalzoom. legal help is here. . deirdre: billion-dollar lawsuits piling up against volkswagen after the german carmaker admitted to cheating on carbon emissions data.
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my next guest filed a class-action lawsuit north of $100 billion. he represented gm victims with a class-action lawsuit against faulty ignition switches. with me now exclusively is attorney bob hilliard. so glad to have you here, how did you get to the $100 billion number? >> good afternoon, deirdre, nice to be here. it's simple math. when you look at what volkswagen did, it's not fixable. it's not like a recall in the gm case where you replace defective ignition switch with the new ignition switch. deirdre: so bob, wait, i don't mean to cut you off, i'm going to do it anyway, with the gm cars when you talk about the ignition switch, almost 125 people, i think it was 124 people died. no one has died with the vw case. >> right. thank goodness and that's right. and no one will but you lost the complete value of what you
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thought you purchased. you know, you bought a car that supposedly had a lot of ability to go fast and go slow and be a diesel. you know performance was the reason for the purchase, and once volkswagen fixes the vehicle, you lose performance. volkswagen had a dilemma, and they decided, and it was the most amazing business arrogance to do this. they wrote a software program that caused the vehicle to pass the epa test by igniting their pollution control device during the test. as soon as the test was over, they turned it off to give the customer performance. now the only fix is to turn it on full-time, the customer loses the very performance that caused that customer to buy the vehicle. think of the number of affected vehicles, you multiply it by the purchase price, and it is what it is. deirdre: i'm in no way excusing vw. we saw the ceo take responsibility and step down,
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but it is not the only car company to exaggerate results. from what i can tell, the guidelines are not really followed up that much whether it's regulators on this side of the atlantic or the other. >> that's a good point, but there's a big difference between exaggerating results and creating what is an illegal car in the united states. you know, you could also make the argument that you cannot get a vehicle inspection sticker for these vehicles anymore until they're repaired. that means the owner has to go in and has to lose the very performance that caused that owner to buy the vehicle just so it can become legal to drive. but what people haven't really addressed, deirdre, is diesel fumes are a class 1 carcinogen, and the emissions were 30% to 40% greater than the epa allows. and technically every single owner of these cars is
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violating the law, and is an unwitting co-conspirator because of volkswagen did. it's tremendous breach of trust to each customer. deirdre: indeed, bob hilliard, thank you very much. attorney bringing an $100 billion class-action lawsuit against volkswagen. we have a quick break to take. when we come back -- actually, we want to show you this video right now. do you have the pope landing, as we told you, at the wall street heliport, in a helicopter. touching down. you will see that shortly. actually, you have to be a bird to see that. it's going to be coming shortly. we do know that the pope will be touching down shortly at wall street heliport, we will bring you that and let you know how he's getting up to st. patrick's cathedral. quick break to take.
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deirdre: the catholic church has traditionally been secretive about its fast that worth. real estate holdings have been estimated as his much as $2 trillion. with some tips on how to invest, capital managing partner with me now. >> is have a couple thousand years to work on. assembling the portfolio. in the 2 trillion it's hard to get your mind around that. and 25 percent of the real estate in rome.
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what can the average investor learn. obviously the average person does not have the scale, scope to build the portfolio are there any takeaways? >> over that time period, and the old these diversification used to be one 3rd, one 3rd, one 3rd. the way that most people can get into a diversified real estate portfolio is through a real estate investment trust. deirdre: we want to alert your attention to the wall
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street heliport where the chopper, the same kind of chopper as marine one has landed. moving successfully via helicopter he will be transported via motorcade uptown to st. patrick's cathedral. at a point between the heliport we you are looking now he will be shifting, moving into the pope mobile for the final segment, that finalsegment, that final approach arriving at st. patrick's cathedral in an open vehicle. we have been discussing how this has a friendly disposition and wants more contact with people. he seems to be willing to pose for pictures and ask for support. someonesupport. someone offered him a pope figure, a pope doll. hehe has been known to take
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selfies with young people. you can see the helicopter. he will be leading this evening's prayer service at st. patrick's cathedral scheduled to start at 645. the pope is right on time. talking about the pope, but obviously about the finances. for the average person, while no one can mimic a real estate holdings, whether it's the church, the pension, university. >> let me just described. one is an equity read which is the one you want to focus on. there are other flavors that are not so good or attractive. deirdre: we will take the advice. i want to bring back via remote the god squad because we are all watching the pope
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arrived here in manhattan. i would like to start with you. you are the one being open and friendly and willing to interact with people and at least a waya way that i have not seen a pope john my lifetime. >> one of the reasons for that, most folks are friendly the vatican is as an old institution. this pope because of his disposition and the position he sees himself in an as basically and as much as he can has retarded many hurdles. and so while his agents or handlers wish that he would not wander into crowds, he is going to.
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deirdre: as we have all agreed on, the pope is, in fact, the new face and a friendly face of the catholic church. so glad that you are all with me. thank you so much. "making money" starts now. ♪ charles: good evening, and you are looking at the live scene, pope preface touching down. that down. that is the wall street heliport. from they're making its way to st. patrick's cathedral for evening mass. it is been an exciting day. of course he began this morning delivering an address to a joint session of congress to address a bunch of different issues, poverty, immigration,, poverty, immigration, climate change is something that he took a really big interest in, something he and president obama agreed on

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